1. No category

NICHI-IKO PHARMACEUTICAL
2012
Nichi-Iko Pharmaceutical Co., Ltd.
1-6-21 Sogawa, Toyama-shi, Toyama Prefecture, Japan 930-8583
TEL: +81-76-432-2121 FAX: +81-76-443-1666
http://www.nichiiko.co.jp/
Top Management
Perspective P2
The sixth Medium-term
Business Plan P3
Generic
Pharmaceuticals Japan
in
to Become
Striving
one
4
P
World’s Top-10 P6
of the
Sharing & Product
Information
Creation
Tomorrow
for
Maintaining Close Contact with Medical Professionals
P8
Providing the Information Users Want and Need
Responsive
Operating Systems P10
More
Promise
ultra-highQuality
Our
to
State-of-the-Art Production Facilities
with a Commitment to ultra-high quality
P12
Becoming the Most Valued Partner for
Medical Care Professionals
P13
P9
Top Management
Perspective
The sixth Medium-term Business Plan "Pyramid"
for four years from April 2012 to March 2016
While fulfilling our mission of providing a stable supply of low-cost,
ultra-high quality generic pharmaceuticals, we seek to become a global
company operating throughout the international marketplace.
1
Policy
Mission Statement
We, Nichi-Iko, provide value-added,
ultra-high quality generic products
that meet various requirements from
patients, doctors, pharmacists,
wholesalers and pharmaceutical
companies in the global market as one
of the most respected, well established
generic companies in the world.
The Nichi-Iko Group will rebuild its organizational power to achieve its vision of
"Challenge the global market” to become one of the top 10 generic pharmaceutical
companies in the world and based on its organizational power, it will implement the
four strategies it has announced.
Since its founding in 1965, Nichi-Iko Pharmaceutical Co., Ltd. has continued to
These four strategies will complement one another to bring the company to a higher
manufacture and market highly economical, high-quality ethical drugs in its efforts to help people
level of performance as it carries out action plans based on the strategies, and we
lead healthy lives.
compare this process to the shape of a "pyramid." Thus we will create a robust and
stable corporate structure.
Although our core business is generics, we also sell such new drugs as Sedapain Inj. 15,
an antagonist analgesic we developed independently, and Unicon Tablets, a sustained-release
theophylline imported from overseas. We are capitalizing on our extensive experience in creating
new drugs as we pursue development of new generic pharmaceuticals. Today, our products are
used in medical institutions throughout Japan.
In 1980, we became the first generic pharmaceuticals maker to list its shares on the
Second Section of the Nagoya Stock Exchange and, in 1981, the first to achieve listing on the
Second Section of the Osaka Securities Exchange. We were promoted to the First Section
of both exchanges in November 2006. In December 2010, our shares were listed on the First
Section of the Tokyo Stock Exchange.
In recent years, coping with health-care expenses has become a crucial challenge for
Japan. Widespread use of low-cost generic pharmaceuticals is being promoted as one measure
to meet this need. In April 2006, Japan’s prescription format was changed to promote the use
of generic pharmaceuticals, with a resulting expansion of the generics market, which comprises
mainly dispensing pharmacies.
Against this background, Nichi-Iko adopted “Generics for your prime choice” as its
corporate slogan and began implementing a range of measures to create demand for Japanese
2
Four strategies
Brand strategy
Cost strategy
To become an indispensable
manufacturer of generics by continuing to
provide customers worldwide with unique
and satisfactory products and services
that can only be offered by Nichi-Iko.
To improve its cost management methods
in order to continue generating profits.
To create corporate value by working
together closely within whole organization
•Creation of bigger generic market
•Contribution to society
•Gaining the trust of customers and shareholders
(through stable supply, ultra-high quality, and
commitments)
•Greater recognition and presence of Nichi-Iko as
a manufacturer of generics
The sixth Medium-term Business Plan
To challenge to continue generating profits
•Making all-out efforts for cost management
from active pharmaceutical ingredients to
all other materials and methods used during
manufacturing process.
•Establishment and implementation of cost
management systems
•Stepping up efforts to use management
accounting for decision-making
•Increasing productivity
•“Selection and concentration” on product items
and production sites including overseas sites.
Challenge the global market
with creation power
Vision
To become one of the top 10 generic
pharmaceutical companies in the world.
generic pharmaceuticals — whose rate of diffusion lags behind that of European and U.S.
brands — among patients, medical professionals such as doctors and pharmacists, wholesalers
and pharmaceutical companies around the world.
Intent on strengthening our leadership position in the global generics market, moreover,
we are accelerating expansion of our operations through strategic alliances with foreign
companies. In June 2010, we established sanofi-aventis Nichi-Iko K.K. in a joint venture with
sanofi-aventis Group, a leading French pharmaceuticals maker. We followed this move in July
2010 by concluding an exclusive distributorship agreement with the Swiss-based distribution
and marketing company DKSH Group and in October 2010 by creating a capital and business
alliance with Aprogen Inc., a Korean bio-venture company.
With the environment surrounding the ethical drug market continuing to undergo dramatic
change, we will remain committed to fulfilling our social mission by providing a stable supply
of low-cost, reliable generic drugs of ultra-high quality, and to conduct business as a global
company that challenges growth in the world marketplace.
Customer-friendly strategy
Differentiation strategy
To provide products and services that
meet customer requests and identify
customer requests so that Nichi-Iko can
continuously improve Nichi-Iko’s products
and services.
To encourage all employees to seek
the value which Nichi-Iko can offer
to customers in order to enhance its
competitiveness.
To take actions to meet customers’
demand with integrity and sincere efforts
•Improving the ability to handle complaints
•Approach to medical institutions with defined
goals (DPC Hospitals (Diagnosis Procedure
Combination), dispensing pharmacies, and
group hospitals)
•Making Nichi-Iko’s presence more among
the special agencies and wholesalers
•Reinforcement of specialized human
resources
Cost
strategy
Brand
strategy
Differentiation
strategy
Customer-friendly
strategy
F
cor ound
po at
rat ion
e c of
ult
ure
izat
an
Org
r
owe
lp
iona
To meet customers demand
with Nichi-Iko’s products
•Development of anticancer drugs
•Development of biosimilars
•Provision of “ultra-high quality” products at
reasonable price
•Provision of products and services needed by
customers
•Development of value –added pharmaceuticals
•Strengthening intellectual property management
•Offering additional information needed by
customers
President and CEO
Yuichi Tamura
3
Major numerical targets
Item
Net sales
2
Corporate Brochure 2012
Nichi-Iko Pharmaceutical Co., Ltd.
Term to March 2013
(Millions of yen)
Term to March 2014
Term to March 2015
Term to March 2016
92,500
103,000
115,000
130,000
Operating income
8,300
9,000
11,500
14,300
Ordinary income
8,000
8,800
11,100
14,000
Nichi-Iko Pharmaceutical Co., Ltd.
Corporate Brochure 2012
3
Generic
Pharmaceuticals Japan
in
Energizing the Generics Market with an Eye to Strong Growth
Revision of medical
treatment fees
(Additional medication
Phase-out of adjustment
history management fee
coefficient for DPC
under GE system)
Promoting use of generic
names, formulations, etc.,
in writing prescriptions
Revision of medical treatment fees
Re-revision of
Additional fee for GE dispensing
GE dispensing ratio changed from prescription to volume basis prescription formats
Partial expansion of substitution by generics
The enactment in the United States of the Drug Price Competition and Patent Term Restoration Act of 1984 significantly eased
regulatory constraints on the manufacture and sale of generic drugs. Today, generics account for some 60 to 70% of unit sales
Efficiency enhancement program
Target of 30% GE share set by Ministry of Health, Labor and Welfare
of all ethical drugs in countries such as United States, the United Kingdom and Germany, which are advanced markets in terms
of generic pharmaceuticals usage. In Japan, where the government has set a target of “increasing generic drugs’ share
by volume to over 30% by fiscal 2012,” various measures have been implemented to promote their use.
Notification
(Upgrading of drug indications)
Since the market share generic pharmaceuticals continues to remain virtually flat, however, hovering near the 20% level,
Change in health-care
management regulations
more forceful measures are anticipated. As the generic market expanded, Nichi-Iko has formulated
the sixth Medium-term Business Plan “Pyramid” for four years from April 2012 to March 2016,
Notification
(Supply stability)
and aims to become one of the top10 generic pharmaceutical companies in the world.
Notification (Use of generic
names in place of brand names)
Revision of medical
treatment fees (GE incentive)
Implementation of DPC
at special function hospitals
Adoption of GE by the Ministry of Education,
Culture, Sports, Science and Technology
Government
Action
Timeline
Recommendation by the Ministry
of Internal Affairs and Communications
Action Program
Revision of medical treatment fees
(Prescriptions permitting substitution of generics)
Notification
(Information provision)
Revision of medical
treatment fees
Adoption of GE
by national hospitals
Promotion of widespread generics use
under National Health Insurance system
Government statement
(Permission for dispensing generics)
30.0%
Notification
(Improvement in reliability)
Notification
(Compliance with standards)
New vision of
the pharmaceutical industry
Revision of medical treatment fees Prescriptions
that do not allow substitution by generics
GE dispensing ratio 30% (prescription basis)
Not
announced
Figures published
by the Japan Generic
Medicines Association (JGA)
16.4%
16.8%
17.1%
16.9%
17.2%
17.6%
Nihon Iyakuhin Kogyo Co., Ltd.
established.
Nichi-Iko
Milestones
Shares listed on Second Section
of Osaka Securities Exchange.
4
Corporate Brochure 2012
Not
announced
12.2%
11,477
12,506
265
629
2000
2001
14,662
1,267
2002
MPS (Medical Practice Support)
Team established.
Shares listed on Second Section
of Nagoya Stock Exchange.
Nichi-Iko Pharmaceutical Co., Ltd.
64,352
54,806
42,841
24,299
1965 1980 1981 1999
23.0%
77,740
Nichi-Iko’s ordinary income (millions of yen)
10.8%
Ministry of Health,
Labor and
Welfare target
by March 2013
20.3%
Pharmaceutical
industry vision
Nichi-Iko’s net sales (millions of yen)
Notification of differences
in drug costs to the insured
Publication of list of national
hospitals adopting GE
Synthetic penicillin PENGOOD
launched as branded generic drug.
17,646
18,296
2,345
2,532
2003
2004
Nichi-Iko Distribution Center completed
in Yasuda, Namerikawa-shi, Toyama Prefecture.
2,508
2005
Merger completed with
Nihon-Gallen Co., Ltd.
Maruko Pharmaceutical
Co., Ltd. made subsidiary
through stock acquisition.
Company name
changed to Nichi-Iko
Phamaceutical Co., Ltd.
29,254
3,472
2006
32,328
4,473
2007
5,442
2008
6,121
2009
6,883
7,309
2010
2011
2012
East Japan Distribution
Maruko Pharmaceutical
Center completed in Kuki-shi, Co., Ltd. made a wholly
Saitama Prefecture.
owned subsidiary.
West Japan Distribution
Center completed in Kobe,
Hyogo Prefecture.
5th Medium-Term Business sanofi-aventis Nichi-Iko
Plan, “Honeycomb 2012,” K.K. established through
announced.
joint venture.
Establishment of Nichi-Iko
Medical Practice Institute
Co., Ltd.
Announcement of the
sixth Medium-term
Business Plan “Pyramid”
Share listings upgraded
to the First Sections of
both Osaka Securities
Exchange and Nagoya
Stock Exchange.
Teikoku Medix Co., Ltd.
made a subsidiary
through stock acquisition.
Nichi-Iko Pharma Factory
Co., Ltd. launched.
Completion of the
“Honeycomb Building,”
global development and
quality control center.
Yakuhan Pharmaceutical
Co., Ltd. made a subsidiary
through stock acquisition.
Shares listed on the First
Section of Tokyo Stock
Exchange.
Nichi-Iko Pharmaceutical Co., Ltd.
The accounting period was
changed from November
30 to March 31.
Corporate Brochure 2012
5
to Become
Striving
one
World’s Top-10
of the
To become one of the top 10 generic pharmaceutical companies in the world
Nichi-Iko is pursuing strategic alliances with overseas companies in its efforts to reinforce its earnings and manufacturing base
to achieve its vision and goal of challenging growth in the global marketplace. In June 2010, we established sanofi-aventis
Nichi-Iko K.K. in a joint venture with sanofi-aventis Group, a leading French pharmaceuticals maker. We followed this move
in July 2010 by concluding an exclusive distributorship agreement with the Swiss-based distribution and marketing company
DKSH Group and in October 2010 by creating a capital and business alliance with Aprogen Inc., a Korean bio-venture company.
Joint press conference on May 28, 2010
6
Establishment of sanofi-aventis
Nichi-Iko K. K.
Full agency agreement with Swissbased DKSH Group signed
Conclusion of a capital and business
alliance with Aprogen Inc. of Korea
Listed on the First Section
of the TSE
Completion of the “Honeycomb Building,” a
global development and quality control center
We conducted joint capital investment with
sanofi-aventis Group (SA), a leading French
pharmaceuticals company, to establish
sanofi-aventis Nichi-Iko K.K. in June 2010.
This partnership will keep enhancing our
competitiveness by creating synergies
between Sanofi’s global resources and our
generics business.
We entered into agency agreement with
DKSH Group for handling of our generics
in Thailand, Malaysia and Hong Kong.
Headquartered in Switzerland, DKSH
provides companies seeking to expand
their markets, primarily in Asia, with a
comprehensive service package that
covers the range from procurement,
research and analysis to marketing, sales,
distribution and logistics.
We formed a capital and business alliance with
Aprogen Inc., a bio-venture company based in Daejeon,
South Korea, for joint R&D in the biosimilar business,
which is expected to experience market growth in the
future. Aprogen owns a number of technologies and
patents for development systems for highly expressive
biomedicines. Its innovative technologies are receiving
attention for their contribution to reducing development
and manufacturing costs — a particular challenge
facing biosimilar makers.
On December 1, 2010, Nichi-Iko listed its
shares on the First Section of the Tokyo
Stock Exchange. In addition, in December
2011, the Company was delisted from the
Osaka and Nagoya Stock Exchanges mainly
to reduce costs incurred by double listing.
Thus the trading of its shares was unified so
that they are all traded at TSE’s First Section.
In October 2011, the Company completed the
“Honeycomb Building,” a global development and
quality control center, within its Namerikawa Plant.
As a symbol of the company’s efforts to challenge
the world market, this facility is responsible for
development and quality control, and together with the
Pentagon and Nexstage Buildings, both of which are
already in operation, it enables the Nichi-Iko Group to
produce “ultra-high quality” generic pharmaceuticals
in accordance with its quality policy.
Corporate Brochure 2012
Nichi-Iko Pharmaceutical Co., Ltd.
Conclusion of a comprehensive
agreement with sanofi-aventis K.K. to
jointly promote generic pharmaceuticals
In November 2011, the Company entered into
a comprehensive agreement with sanofi-aventis
K.K., headquartered in Tokyo’s Shinjuku Ward,
to jointly promote its products with the aim of
maximizing product value at the generics market
and further popularizing generics.
Nichi-Iko Pharmaceutical Co., Ltd.
Corporate Brochure 2012
7
Sharing & Product
Information
Creation
Tomorrow
for
Maintaining Close Contact with Medical Professionals
Providing the Information Users Want and Need
Close contact with medical professionals
We redesigned the product information search page on our Web site and expanded the content, making it one of
The “Stu-GE” page on Nichi-Iko’s corporate Web site, a rich source of information and tools related to the generics
the most extensive information provision systems available. In addition to upgrading our Web site, we established the
market and medical treatment, is designed to provide the public with information concerning generic pharmaceuticals and
Customer Support Center in order to support our products by enhancing our ability to respond flexibly to inquiries
medical treatment administration. We also deploy MRs nationwide to ensure continuous information dissemination and
concerning product quality and safety and to requests for information materials from patients using our medicines.
maintain full awareness of the products we market among health-care professionals.
Stu-GE
The “Stu-GE” page on Nichi-Iko’s
corporate Web site provides the public
with information concerning generic
pharmaceuticals and medical treatment.
As the name “Stu-GE” (coined from “study
generics”) implies, this page answers
various questions concerning generics and
medical treatment administration.
Video transmission of
information about generics
and medical treatment
Video and audio media
serve as efficient tools
for clarifying issues
concerning generics and
medical systems.
Nichi-Iko Web site content enhancement
MPS data compilation
Posting of data
compiled by NichiIko MPS.
MPS diary
Presents observations
and thoughts
arising during the
data compilation
and information
submission processes
in blog format.
Posting of detailed
Useful tools
descriptions of journals
Sales promotion tools
and books containing
and health-care support
literature on generics.
tools designed to deepen Information concerning
understanding of generics the literature is updated
are posted in the form of as required.
digital catalogs and PDF
documents.
Genecal
Enables search as well
as a trial calculation of
generics (through links
to external sites).
Administrative notice library
A bulletin board for
posting of government
notices regarding
generics issued by such
administrative bodies as
the Ministry of Health,
Labor and Welfare.
MPS Team
MPS Team activities
Nichi-Iko established its MPS Team (medical
services management support information
provision team) in 2000. The MPS Team
comprises MPS consultants certified by
the Japan Association of Health Service
Management Consultants and qualified
personnel who have acquired our in-house
MPS advisor certification. Its members pursue
efforts to provide information to medical
professionals beyond the confines of our own
products. These undertakings encompass
preparation of explanatory materials
concerning not only product information but
governmental information as well — primarily
information regarding medical fees — and
conducting briefing sessions.
8
Corporate Brochure 2012
Nichi-Iko Pharmaceutical Co., Ltd.
Briefing sessions
The activities of the MPS Team center on
briefing sessions held to explain generic
pharmaceuticals and distribute medical
treatment administration information as
well as to provide information compiled by
the MPS Team in data format. The number
of briefing sessions is trending upward,
showing particularly dramatic increases in
years in which medical fees are revised.
Honeycomb MPS Plan
We are promoting the “Honeycomb
MPS Plan,” which encourages all our
MRs to obtain either MPS consultant
certification or our in-house MPS
advisor qualification. We support our
MRs’ activities to ensure their ability to
offer added value, such as information
on health service management and
medical treatment administration.
New DI page design
We have redesigned our drug information search page (DI
page) to provide a “panoramic view” on the screen and
facilitate access to the information. The site allows visitors to
search and view package inserts and shows the proper use
as well as photos of our products.
Public disclosure of line listing of side effects
As the next step in our “Action Program to Promote Safe Use
of Generic Drugs,” we post safety information (line listing of side
effects and treatment results studies) on our product information
search page.
*Cases of side effects reported to the Pharmaceuticals and Medical
Devices Agency (since 2004) are posted in accordance with the
stipulations of the Pharmaceutical Affairs Law. (In principle, information
is provided for ethical drugs for which Nichi-Iko Pharmaceutical Co.,
Ltd. has received manufacturing and marketing approval.)
*Results for products on which post-marketing studies have been
conducted are posted on the DI search page.
1,800
30,000
1,200
20,000
600
10,000
01
02
03
04
05
06
07
08
09
10
(Forecast)
Nichi-Iko Pharmaceutical Co., Ltd.
Corporate Brochure 2012
9
MoreResponsive
Operating Systems
A Structure That Quickly Respond to Market Demand
Nichi-Iko secures an extensive range of production lines at five production sites in its endeavors to further increase the
efficiency of its production. We are constantly looking for ways to improve our generic pharmaceuticals distribution
systems, moreover, to speed up delivery and respond promptly to customer requests. We are also constructing an
independent system to assist MRs assigned to branch offices throughout Japan in dispensing information.
MR Support Systems
We are constructing various systems to support the information
provision activities of our MRs assigned to eight branch offices
throughout the country.
•Facsimile transmission of emergency safety
information
When important emergent information is
received, this system immediately transmits
the initial report on the information to
medical experts who use our products.
Production Network
Nichi-Iko's production network consists of five plants as indicated in
the map on the right. The resulting consolidation of drug formulation
•Market support system “Nextstage”
according to plant has augmented production efficiency and generated
•Web conferencing system “JoinMeeting”
new synergies. The company has also implemented production reforms
Power egg
•TV conferencing system “e-learning”
•Information search engine “savvy”
An information-sharing system for
communications such as answers from the
Customer Support Center
•In-house intranet “POWER EGG”
•In-house information provision to MRs via
mobile devices
Facsimile system
to ensure rapid responsiveness to growth of the generics market.
Establishment of Nichi-Iko Medical Practice Institute Co., Ltd.
Joint research with the University of Tokyo
On September 1, 2011, the Company
Company profile
Grasping the needs of medical professionals and pharmaceuticals users
established Nichi-Iko Medical Practice
is essential for “fostering and developing” generic drugs. We assign
Institute Co., Ltd. (Nichi-Iko MPI). Nichi-
researchers to the University of Tokyo’s Laboratory of Drug Informatics,
Iko MPI is the Company’s first in-house
Establishment:
September 1, 2011
Graduate School of Pharmaceutical Sciences, where they conduct joint
venture firm, founded by spinning off
Location:
1-6-21 Sogawa, Toyama-shi, Toyama Prefecture, Japan 930-8583
research. Our goal is to construct a “fostering and developing” cycle
the Company’s sales information unit
that solves various problems that can arise among pharmaceutical
and making it an independent group
Representative:
Tsuneo Kikuchi, representative director
companies, medical professionals and medicine users.
company. Nichi-Iko MPI will contribute
Manufacturing Base
Nichi-Iko Pharma Factory Co., Ltd.
Yamagata Plant
Namerikawa Dai-ni (second) Plant
Company name: Nichi-Iko Medical Practice Institute Co., Ltd. (Nichi-Iko MPI)
Major operations:Creation and sale of materials to provide information, sales support
to the health care industry by providing
(education and training as well as accompanying sales personnel
high-level information on medical
for business negotiations), support for lectures and study groups
administration, supporting the Nichi-
and dispatch of lecturers, consulting (human resource development,
Iko Group’s sales strategy, and actively
organizational management, etc.), and provision of information
offering relevant information to medical
through websites (Stu-GE, a website for health care workers
institutions and distributors.
concerning generic pharmaceuticals and medical administration)
Namerikawa Dai-ichi (first) Plant
East Japan Distribution Center
Nichi-Iko Distribution Center
Nichi-Iko Pharma Factory Co., Ltd.
Saitama Plant
Distribution System
The core of our distribution system is the Nichi-Iko Distribution
Center in Namerikawa City, Toyama Prefecture, which went into
operation in 2003. Regional deliveries are made from two other
Nichi-Iko Pharma Factory Co., Ltd. Aichi Plant
strategically located centers, the East Japan Distribution Center
in Kuki, Saitama Prefecture, and the West Japan Distribution
Center in Kobe, Hyogo Prefecture. The Nichi-Iko Distribution
West Japan Distribution Center
Center operates three automated pallet warehouses with a
capacity for shipping 1,200 packages to up to 400 locations
per day. We make every effort to ensure supply stability by
constantly upgrading our production and inventory systems to
maintain optimal inventories based on voluminous supply data
Theophylline tablets imported from overseas.
and detailed supply plans and to assure our ability to respond
flexibly to sudden fluctuations in demand.
10
Corporate Brochure 2012
Nichi-Iko Pharmaceutical Co., Ltd.
Nichi-Iko Pharmaceutical Co., Ltd.
Corporate Brochure 2012
11
Promise
ultra-highQuality
Our
to
State-of-the-Art Production Facilities with a Commitment to ultra-high quality
Becoming the Most Valued Partner for Medical Care Professionals
Nichi-Iko’s technical staff do their share to provide ultra-high quality generics by making full use of their abundant
Generics manufacturers are required to follow the same GMP (Good Manufacturing Practice) standards stipulated in
technological experience and expertise in pharmaceutical dosage form design through every stage, from development to
ordinances promulgated by the Ministry of Health, Labor and Welfare as those applied to branded drug manufacturing.
manufacturing. They are guided in constructing systems that ensure consistent production of excellent generics by the
Nichi-Iko’s Quality Control Division, which now operates independently of the Manufacturing Division, ensures compliance
concept, “Quality creation begins in the development stage.” We will continue to advance the automation, robotics and
with the standards by performing rigorous product quality inspections involving various tests at each stage of the
performance of our manufacturing facilities while pursuing risk and cost reductions in order to supply superior generics.
production process, from receipt of ingredients and raw materials to completion of the final products.
Production capacity enhancement
Initiatives for quality systems
Nichi-Iko Group Quality Policy
We are constructing systems that ensure
Nichi-Iko Pharma Aichi Plant
Since 2010, the Company has worked to
The Nichi-Iko Group promises not only to comply with laws and
stable supply stability by improving
(Injections and antibiotics)
implement the Guidelines for pharmaceutical Quality
regulations applicable to pharmaceuticals, but also to grasp the
manufacturing performance through
Systems as required by ICH-Q10. In accordance
expectations of patients, pharmacists, doctors, wholesalers and
facilities investment. Our plants in
with the guiding principle “There is no single
Namerikawa, Aichi, Saitama and Yamagata
employee that has nothing to do with quality,” we
pharmaceutical companies throughout the world, and to manufacture
and market generic drugs that satisfy their expectations.
In addition to observing the GMP and GQP for medicinal drugs, the
conduct consolidated manufacturing by
Nichi-Iko Pharma Yamagata Plant
have united efforts so that each and every one of
applying preparation-specific production.
(Disinfectants and JP products)
the employees understands the Nichi-Iko Group’s
Pharmaceutical Quality System guidelines. On behalf of the Nichi-Iko
quality policy, becomes aware of his or her duty,
Group, I commit the Group to keeping these promises.
and gains the trust of medical institutions.
A number of products : as of December 2011
Nichi-Iko Pharma
First, in May 2010, the Company announced the
Saitama Plant (Value-
Nichi-Iko Group Quality Policy shown to the right,
added preparations,
and the president declared that he himself would
external preparations
review all quality-related projects and allocate
and eyedrops)
managerial resources to these projects.
Oral Medicine
534 (GE 409)
We will implement without fail the plan-do-check-
Injectable Drug
168 (GE 126)
customer needs precisely, promote product design
External Preparation
138 (GE 100)
Total
840 (GE 635)
act cycle (PDCA cycle) in which we identify
Namerikawa First and
and product improvement, check the quality of
Second Plants (Internal
products and services constantly, and pay particular
medicines and granules)
attention to continuous improvement, thus
providing customers with high-quality products.
Plans call for reallocation of managerial resources
Nichi-Iko Group will strive to construct systems according to the ICH
We have set quality targets for the items listed below, and I will
personally review the results and check the degree of their achievement.
1In consideration of drug-related ethics and morals, ensure compliance with
laws and regulations throughout the organization.
2Acquire a comprehensive grasp of users’ expectations, needs and concerns
and reflect them in the improvement of existing products and development
of new ones.
3Engage in centralized management of quality information from the drug
development to the manufacturing and sales stages, and continuously
implement both corrective and preventive action.
4Prior to selecting contracted manufacturers and drug substance suppliers,
assure due diligence in auditing of their performance and their supply
appropriateness and capabilities, and continue to monitor their status on an
ongoing basis.
5Ensure access to quality-related technologies and information, and adopt an
uncompromising attitude toward maintaining and improving quality.
6Review reports on quality assurance, and make appropriate decisions
concerning such issues as investment of management resources.
through the first management review in June 2012.
Pentagon Building, Honeycomb Building
(Left)The “Pentagon Building,” which went into operation in April 2010, has approximately three times the production capacity of the
former plant.
(Right) The “Honeycomb Building,” global development and quality control center was completed in October 2011.
12
Corporate Brochure 2012
Nichi-Iko Pharmaceutical Co., Ltd.
Thus we will provide “ultra-high quality” generic
pharmaceuticals further.
May 1, 2010
President & Chief Executive Officer
Yuichi Tamura
Cooperation with controlled clinical trials
Establishment of Active Pharma Co., Ltd.
Controlled clinical trials were conducted on Amlodipine
Determined to develop systems to facilitate centralized
Tablets Nichi-Iko and Amlodipine OD Tablets Nichi-
management of every process, from evaluation of drug
Iko in 2008 and 2009, respectively. Carried out
substances to manufacturing, as part of our efforts to
by an independent institution, the trials compared
realize “ultra-high quality,” we established Active Pharma
the hypotensive effects on patients with essential
Co., Ltd. in June 2009. A joint venture with Mitani Sangyo
hypertension of our products with those of branded
Co., Ltd., Active Pharma is a core manufacturer of active
drugs. They confirmed that neither of our products
pharmaceutical ingredients for medicinal drugs. Every
was inferior to the brand-name drugs in terms of either
process is now managed within our Group, assuring our
hypotensive effect or safety.
ability to supply “ultra-high quality” generic pharmaceuticals.
Nichi-Iko Pharmaceutical Co., Ltd.
Corporate Brochure 2012
13
Financial
Section
Operating Results for the Year ended November 30, 2011
During the current consolidated fiscal year, in addition to
yen for an additional equity investment in Aprogen Inc., its
Furthermore, in November 2011, the Company entered
it hosted in order to help the victims of the disaster to
the effects of the Great East Japan Earthquake and the
affiliated company in South Korea, in order to energetically
into a comprehensive agreement with sanofi-aventis to
recover and reconstruct their communities.
ensuing disaster at a nuclear power station, the Japanese
promote development of biosimilars. The “Honeycomb
jointly promote some of the generics whose manufacture
economy continued to face difficulties as the appreciation
Building,” global development and quality control center
and sale its group has the right to approve. Thus it will
As a result, during the current consolidated fiscal year, the
of yen was driven by such factors as the instability of
constructed using part of these funds, was completed in
strive to spread generics mainly as drugs to treat such
Company posted net sales of 77.74 billion yen, a 20.8%
the European economy and the slowdown of the world
October 2011 and started operation in November of the
diseases as cancer, thrombosis, and diabetes--- major
increase compared to the previous year. Consolidated
economy, and its future outlook remained uncertain.
same year.
areas on which it focuses its managerial resources and in
operating income and ordinary income were 7.492
which it claims the efficacy of its products.
billion yen (up 5.6%) and 7.309 billion yen (up 6.2%),
In the pharmaceutical industry, the use of generics
With its listing on the Tokyo Stock Exchange, the
continued to expand mainly among the dispensing
Company was delisted from the Osaka and Nagoya Stock
In September 2011, the Company established Nichi-
term was 3.908 billion yen (up 1.1%). Thus the Company
pharmacies though the pace of progress in the expansion
Exchanges in December 2011 to concentrate the trading
Iko Medical Practice Institute Co., Ltd., its wholly owned
achieved record net sales and profits.
of their use generally became slower than the Company
of its shares in the Tokyo Stock Exchange and reduce
subsidiary, to provide its wholesalers and medical
had predicted.
costs incurred by double listing.
institutions with information on medical practice, and the
By product item, sales of the oral prostaglandin E1 derivative
Institute began operation immediately. Opaprosmon (5μg tablet), the anti-hyperlipidemic Mevan
respectively. Consolidated net income for the current
The Company obtained a listing on the First Section
As one of its initiatives for the business alliance with the
of the Tokyo Stock Exchange in December 2010, and
sanofi-aventis Group, meanwhile, the Company took
The Nichi-Iko Group’s operations suffered only minor
Pranlukast (112.5mg capsule), B-Soften Lotion (0.3%) and
subsequently, from February to March 2011, it raised a
over the sale of Lasix , Eutensin , and Cerocral , long-
direct damage from the Great East Japan Earthquake, and
Ointment (0.3%) for moisturizing the skin and promoting
total of 16.575 billion yen in funds by offering new shares
listed original drugs whose manufacture and sale sanofi-
in addition to providing support such as pharmaceuticals
better circulation, and the sustained release calcium
for public subscription and allotting to third parties shares
aventis K.K. has the right to approve, and began their
and contributions, the Company has implemented charity
antagonist Corinael (CR tablets 10, 20, 40) were strong.
newly issued as part of the over-allotment. In March 2011,
sale in June 2011.
programs through professional sports events and concerts
®
®
®
(5μg/10mg tablets), the leukotriene receptor antagonist
it used part of the funds thus raised to pay 1.705 billion
Consolidated Financial Highlights
Net Sales
Operating Income
(Millions of yen)
77,740
80,000
Ordinary Income
(Millions of yen)
(Millions of yen)
(Millions of yen)
8,000
8,000
4,000
7,097
64,352
60,000
7,492
6,883
6,246
7,309
Net Assets/Total Assets
3,762
3,865
3,908
(Millions of yen)
(Yen)
100,000
160
3,442
82,786
6,000
5,175
3,000
5,442
65,575
101.54
50,982
4,000
4,000
2,000
50,000
20,000
2,000
2,000
1,000
25,000
44,593
26,099
16,079
Corporate Brochure 2012
111.83
57,466
42,841
14
121.98 122.50
120
75,000
40,000
2008/11
Net Income Per Share
6,121
6,000
54,806
Net Income
2009/11
2010/11
2011/11
Nichi-Iko Pharmaceutical Co., Ltd.
2008/11
2009/11
2010/11
2011/11
2008/11
2009/11
2010/11
2011/11
2008/11
2009/11
2010/11
2011/11
2008/11
18,809
2009/11
2010/11
2011/11
80
40
2008/11
2009/11
2010/11
Nichi-Iko Pharmaceutical Co., Ltd.
2011/11
Corporate Brochure 2012
15
Consolidated
Financial Statements
Consolidated Balance Sheets
As of November 30
(Thousands of yen)
2010
2011
(Thousands of yen)
As of November 30
2010
2011
Assets
Liabilities
Current assets
Current liabilities
Cash and deposits
Notes and accounts payable-trade
13,252,531 13,350,605
Short-term loans payable
12,447,000 5,417,111
1,512,722 2,359,344
365,199 495,224
Accounts payable-other
1,716,224 2,158,746
4,163,779
Accrued expenses
1,065,932 1,129,274
935,616 1,050,821
Income taxes payable
1,069,000 2,038,000
1,075,538 856,475
Deposits received
82,541 86,947
(416,000)
(443,000)
Provision for sales returns
48,000 60,000
39,589,032 50,547,859
Other
70,453 97,076
31,629,605 27,192,330
1,694,401 4,126,371
18,637,368 24,666,216
Short-term investment securities
666 1,666
Merchandise and finished goods
10,054,619 13,245,668
Work in process
3,175,713 2,879,860
Raw materials and supplies
4,431,109 Notes and accounts receivable-trade
Deferred tax assets
Other
Allowance for doubtful accounts
Current assets-total
Current portion of long-term loans payable
Lease obligations
Current liabilities-total
Noncurrent liabilities
Noncurrent assets
Property, plant and equipment
Buildings and structures, net
9,167,550 11,384,576
Machinery, equipment and vehicles net
3,890,685 3,565,361
Tools, furniture and fixtures, net
272,068 980,918
Land
3,410,877 3,803,962
Lease assets, net
1,090,311 1,189,852
Construction in progress
976,177 122,739
Property, plant and equipment-total
18,807,670 21,047,411
Intangible assets
3,376,125 6,158,774
Lease obligations
1,188,691 1,278,954
Deferred tax liabilities
322,290 415,333
Deferred tax liabilities for land revaluation
291,251 291,251
2,663,900 2,786,489
–
50,251
4,051 19,840
7,846,310 11,000,894
39,475,915 38,193,225
Provision for retirement benefits
Asset retirement obligations
Other
Noncurrent liabilities-total
Total liabilities
Goodwill
938,747 804,186
Lease assets
385,606 424,208
Other
2,323,803 3,961,365
Capital stock
5,270,208 13,557,728
Intangible assets-total
3,648,156 5,189,760
Capital surplus
4,051,245 12,339,572
16,960,184 19,670,809
(392,671)
(1,197,786)
25,888,968 44,370,324
Investments and other assets
Net assets
Shareholders' equity
Retained earnings
2,369,502 4,110,800
Treasury stock
Long-term loans receivable
326,166 698,706
Shareholders' equity
Deferred tax assets
604,815 877,269
Accumulated other comprehensive income
Other
308,739 460,138
Valuation difference on available-for-sale securities
Allowance for doubtful accounts
(78,625)
(145,625)
Investments and other assets-total
3,530,598 6,001,290
Noncurrent assets-total
25,986,426 32,238,462
Total assets
65,575,458 82,786,322
Investment securities
Amounts less than ten thousand yen have been rounded down.
16
Long-term loans payable
Corporate Brochure 2012
Nichi-Iko Pharmaceutical Co., Ltd.
(51,062)
(38,864)
Land revaluation increment
261,637 261,637
Total accumulated other comprehensive income
210,574 222,772
Total net assets
26,099,542 44,593,096
Total liabilities and net assets
65,575,458 82,786,322
Amounts less than ten thousand yen have been rounded down.
Nichi-Iko Pharmaceutical Co., Ltd.
Corporate Brochure 2012
17
Consolidated
Financial Statements
Consolidated Statements of Income
(Thousands of yen)
For year ended November 30
2010
Net sales
64,352,501
Cost of sales
36,949,887
Gross profit
27,402,614
Provision for sales returns
9,000
Gross profit-net
27,393,614
Selling, general and administrative expenses
20,296,075
Operating income
7,097,538
Non-operating income
Interest income
5,424
Dividends income
16,788
Amortization of negative goodwill
124,210
Reimbursement for joint development cost
52,433
Compensation income
–
Sales commissions receivable
–
Other
186,720
Non-operating income
385,576
Non-operating expenses
Interest expenses
231,767
Commission fee
121,859
Loss on sales of notes payable
33,475
Loss on sales of trade receivables
76,478
Stock issuance cost
–
Business alliance expenses
80,000
Other
55,736
Non-operating expenses
599,317
Ordinary income
6,883,796
Extraordinary income
Gain on sales of property, plant and equipment
11,454
Reversal of allowance for doubtful accounts
3,537
Gain on revision of retirement benefit plan
–
Extraordinary income
14,992
Extraordinary loss
Loss on disposal of property, plant and equipment
88,947
Impairment loss
378,460
Loss on revaluation of investment securities
48,013
Factory suspension expenses
498,696
Product voluntary recall cost
–
Loss on disaster
–
Other
13,255
Extraordinary loss
1,027,373
Income before income taxes
5,871,415
Income taxes-current
2,030,518
Income taxes-deferred
(24,752)
Income taxes
2,005,765
Income before minority interests
–
Net income
3,865,649
2011
77,740,645
46,423,717
31,316,927
12,000
31,304,927
23,812,878
7,492,048
13,771
23,830
18,630
47,810
71,956
51,384
134,182
361,566
188,042
34,947
–
86,772
100,517
–
133,706
543,987
7,309,627
3,392
–
25,853
29,245
132,168
–
101,914
–
229,525
233,780
55,741
753,130
6,585,742
2,975,604
(297,870)
2,677,733
3,908,009
3,908,009
Amounts less than ten thousand yen have been rounded down.
Statements of comprehensive income
Income before minority interests
Income before minority interests
Other comprehensive income
Valuation difference on available-for-sale securities
Total other comprehensive income
Comprehensive income
Comprehensive income attributable to
Comprehensive income attributable to owners of the parent
Comprehensive income attributable to minority interests
(Thousands of yen)
2010
–
–
2011
3,908,009
3,908,009
–
–
–
12,197
12,197
3,920,207
–
–
3,920,207
–
Per share information
For year ended November 30
Basic net income per share (EPS)
Diluted net income per share
Cash dividends per share
(yen)
2010
122.50 122.42 32.00 2011
101.54
101.53
32.00
Consolidated Statements of Changes in Net Assets
(Thousands of yen)
For year ended November 30
2010
Shareholders’ equity
Capital stock:
Balance at the end of previous period
3,064,257 Changes of items during the period
Issuance of new shares
2,205,951 Total changes of items during the period
2,205,951 Balance at the end of current period
5,270,208 Capital surplus:
Balance at the end of previous period
1,837,737 Changes of items during the period
Disposal of treasury stock
7,557 Issuance of new shares
2,205,951 Total changes in items during the period
2,213,508 Balance at the end of current period
4,051,245 Retained earnings:
Balance at the end of previous period
14,017,801 Changes of items during the period
Dividends from surplus
(925,456)
Net income
3,865,649 Reversal of land revaluation increment
2,189
Total changes in items during the period
2,942,382 Balance at the end of current period
16,960,184 Treasury stock:
Balance at the end of previous period
(423,731)
Changes of items during the period
Purchase of treasury stock
(1,982)
Disposal of treasury stock
33,042 Total changes in items during the period
31,060 Balance at the end of current period
(392,671)
Total shareholders’ equity:
Balance at the end of previous period
18,496,064 Changes of items during the period
Issuance of new shares
4,411,903 Dividends from surplus
(925,456)
Net income
3,865,649 Reversal of land revaluation increment
2,189 Purchase of treasury stock
(1,982)
Disposal of treasury stock
40,600 Total changes in items during the period
7,392,903 Balance at the end of current period
25,888,968 Accumulated other comprehensive income
Valuation difference on available-for-sale securities:
Balance at the end of previous period
49,281 Changes of items during the period
Net changes in items other than shareholders’ equity
(100,344)
Total changes in items during the period
(100,344)
Balance at the end of current period
(51,062)
Land revaluation increment:
Balance at the end of previous period
263,826 Changes of items during the period
Net changes in items other than shareholders’ equity
(2,189)
Total changes in items during the period
(2,189)
Balance at the end of current period
261,637 Total accumulated other comprehensive income
Balance at the end of previous period
313,108 Changes of items during the period
Net changes in items other than shareholders’ equity
(102,533)
Total changes in items during the period
(102,533)
Balance at the end of current period
210,574 Total net assets
Balance at the end of previous period
18,809,173 Changes of items during the period
Issuance of new shares
4,411,903 Dividends from surplus
(925,456)
Net income 3,865,649 Reversal of land revaluation increment
2,189 Purchase of treasury stock
(1,982)
Disposal of treasury stock
40,600 Net changes of items other than shareholders’ equity
(102,533)
Total changes of items during the period
7,290,369 Balance at the end of current period
26,099,542 2011
5,270,208
8,287,520
8,287,520
13,557,728
4,051,245
806
8,287,520
8,288,326
12,339,572
16,960,184
(1,197,383)
3,908,009
–
2,710,625
19,670,809
(392,671)
(861,101)
55,986
(805,115)
(1,197,786)
25,888,968
16,575,040
(1,197,383)
3,908,009
–
(861,101)
56,792
18,481,356
44,370,324
(51,062)
12,197
12,197
(38,864)
261,637
–
–
261,637
210,574
12,197
12,197
222,772
26,099,542
16,575,040
(1,197,383)
3,908,009
–
(861,101)
56,792
12,197
18,493,553
44,593,096
Amounts less than ten thousand yen have been rounded down.
18
Corporate Brochure 2012
Nichi-Iko Pharmaceutical Co., Ltd.
Nichi-Iko Pharmaceutical Co., Ltd.
Corporate Brochure 2012
19
Consolidated
Corporate
Financial Statements
Data
Consolidated Statements of Cash Flows
(Thousands of yen)
For year ended November 30
2010
Cash flows from operating activities
Income before income taxes
5,871,415 Depreciation and amortization
2,857,048 Impairment loss
378,460 Amortization of goodwill
189,511 Amortization of negative goodwill
(124,210)
Increase (decrease) in allowance for doubtful accounts
(2,712)
Increase (decrease) in provision for retirement benefits
86,222 Increase (decrease) in provision for sales returns
9,000 Interest and dividends income
(22,212)
Interest expenses
231,767 Loss (gain) on revaluation of investment securities
48,013 Loss (gain) on sales of property, plant and equipment
(11,454)
Loss (gain) on disposal of property, plant and equipment
88,947 Stock issuance cost
–
Decrease (increase) in notes and accounts receivable
(4,225,753)
Decrease (increase) in inventories
(1,533,247)
Increase (decrease) in notes and accounts payable
1,745,133 Other - net
(155,914)
Subtotal
5,430,016 Interest and dividend income received
22,237 Interest expenses paid
(259,089)
Income taxes paid
(2,446,022)
Net cash provided by (used in) operating activities
2,747,141 Cash flows from investing activities
Payments into time deposits
–
Proceeds from withdrawal of time deposits
15,000 Proceeds from sales of short-term investment securities
666 Purchase of long-term investment securities
(66,164)
Purchase of property, plant and equipment
(3,111,242)
Proceeds from sales of property, plant and equipment
25,282 Purchase of intangible assets
(1,229,197)
Purchase of stocks of subsidiaries and affiliates
(1,028,623)
Payments of loans receivable
(20,000)
Collection of loans receivable
698 Other - net
4,034 Net cash used in investing activities
(5,409,546)
Cash flows from financing activities
Increase (decrease) in short-term loans payable
1,022,000 Proceeds from long-term loans payable
–
Repayment of long-term loans payable
(1,471,436)
Proceeds from issuance of common stock
4,391,520 Purchase of treasury stock
(1,982)
Proceeds from sales of treasury stock
–
Proceeds from exercise of stock option
40,600 Repayments of finance lease obligations (230,776)
Cash dividends paid
(923,517)
Net cash (used in) provided by financing activities
2,826,407 Effect of exchange rate change on cash and cash equivalents (9)
Net increase in cash and cash equivalents
163,993
Cash and cash equivalents at beginning of year
1,022,823
Cash and cash equivalents at end of year
1,186,816
Corporate Data
(as of November 30, 2011)
2011
Company name
Nichi-Iko Pharmaceutical Co., Ltd.
Establishment
July 1965
6,585,742
4,201,366
–
153,191
(18,630)
94,000
122,589
12,000
(37,601)
188,042
101,914
(3,392)
132,168
100,517
(6,096,218)
(2,627,865)
98,074
549,914
3,555,813
32,068
(176,507)
(2,039,744)
1,371,629
Capital Stock
13,557.72 million yen
Number of employees
792 (consolidated basis)
(1,520,000)
1,600,084
666
(118,178)
(4,437,876)
15,654
(2,902,238)
(1,711,440)
(434,700)
24,760
(21,606)
(9,504,875)
(7,029,888)
6,379,000
(2,749,729)
16,474,522
(861,101)
30,692
26,100
(428,147)
(1,196,128)
10,645,318
(18)
2,512,054
1,186,816
3,698,871
Contents of businessManufacturing, sales, distribution, export and import of ethical drugs and quasi-drugs and related activities
(Notes) 1.The number of employees excludes 272 part-time and fixed-term contract employees.
Stock Listings
Tokyo Stock Exchange, the first section
Head Office
1-6-21 Sogawa, Toyama-shi, Toyama Prefecture, Japan 930-8583
Branch Offices
Sapporo office, Sendai office, Kanto office, Tokyo offices 1 and 2, Tokai-Hokuriku office, Osaka office,
Hiroshima office, Fukuoka office
Production Sites
Namerikawa Dai-ichi (first) Plant (Namerikawa-shi, Toyama Prefecture)
Namerikawa Dai-ni (second) Plant (Namerikawa-shi, Toyama Prefecture)
Nichi-Iko Pharma Factory Co., Ltd. Aichi Plant (Kasugai-shi, Aichi Prefecture)
Nichi-Iko Pharma Factory Co., Ltd. Yamagata Plant (Tendo-shi, Yamagata Prefecture)
Nichi-Iko Pharma Factory Co., Ltd. Saitama Plant (Saitama-shi, Saitama Prefecture)
Development Center
Development and quality control center (Namerikawa-shi, Toyama Prefecture)
Distribution Centers
Nichi-Iko Distribution Center (Namerikawa-shi, Toyama Prefecture)
East Japan Distribution Center (Kuki-shi, Saitama Prefecture)
West Japan Distribution Center (Kobe-shi, Hyogo Prefecture)
Major Shareholders
(as of November 30, 2011)
Shareholder name
No. of shares held (thousands)
Percentage of total shares held (%)
Tamura LLC
4,269
10.56
Hokuriku Bank, Ltd.
1,927
4.77
Sanofi-aventis K.K.
1,897
4.70
Japan Trustee Services Bank, Ltd. (Trust account)
1,414
3.50
The Master Trust Bank of Japan, Ltd. (Trust account)
1,388
3.43
Nipro Corporation
1,321
3.27
Japan Trustee Services Bank, Ltd. (Trust account 9)
1,211
3.00
Yuichi Tamura
1,038
2.57
GOLDMAN, SACHS & CO. REG
950
2.35
STATE STREET BANK AND TRUST COMPANY 505044
865
2.14
(Notes) 1.The percentage of total shares held is calculated excluding treasury shares (314,840 shares).
2.The percentage of total shares held is rounded off to two decimal places.
3.On December 19, 2011, Tamura LLC changed its trade name to TAMURA Co., Ltd.
Directors and Corporate Auditors
(as of February 28, 2012)
President and CEO
Yuichi Tamura
Senior Managing Executive Officer and Director
Toshinori Kongoji
Senior Managing Executive Officer and Director
Shuko Urayama
Senior Managing Executive Officer and Director
Kenji Akane
Managing Executive Officer and Director
Taizan Kawakami
Managing Executive Officer and Director
Eiichi Machida
Director
Statutory Corporate Auditor
Shigeo Takagi
Shigekatsu Kumada
Corporate Auditor
Hajime Imamura
Corporate Auditor
Hitoshi Hori
Corporate Auditor
Shinichiro Handa
Shareholder information
(as of November 30, 2011)
Total number of shares authorized
93,500,000
Shares issued and outstanding
40,729,417
Number of shareholders
12,008
Equity Shareholders by Type of Shareholders
Japanese Financial Institutions
Japanese Individuals
and Others
( 11,607 / 10,477 )
27.5% ( 47 / 11,193 )
thousand shares
thousand shares
25.7%
Securities Firms
1.2% (
34 / 505
thousand shares
)
(Notes) 1.Among the directors, Shigeo Takagi is an external director.
2.Among the corporate auditors, Hajime Imamura, Hitoshi Hori and
Shinichiro Handa are external auditors.
Other companies
26.8% ( 201 / 10,901
thousand shares
)
(
Foreign Institutions
and Individuals
119 / 7,651 ) 18.8%
thousand shares
Amounts less than ten thousand yen have been rounded down.
20
Corporate Brochure 2012
Nichi-Iko Pharmaceutical Co., Ltd.
Nichi-Iko Pharmaceutical Co., Ltd.
Corporate Brochure 2012
21